Banknifty December 2016 outlook

Banknifty December 2016 outlook

Bank nifty future below 19k remain sell targets 17700 and 16900

Bank nifty future today closed at 18478 with loss. Bank nifty price trend is down but momentum was on recovery side and we saw high up to 18750.   For month of December 2016, banknifty future below 19000 level remain weak and sell. On downside my targets are 17700 and then 16900. Bank nifty daily chart price pattern are weak but indicators are oversold and showing upside. But today bearish move signaling fresh downward rally is coming for targets 17700 and then possibly 16900. Level up to 16900 can be expected in panics.   On upside 19000 is strong pivot resistance and expect upside for index above this level on weekly closing basis. On breakout above 19000 means bullish targets of 19800 and 21100 for this index future.   Banknifty future traders below 19000 keep sell on rise view with stop loss for positional swing targets 17700 and then 16900 for month of December. banknifty Option traders exit all long view positions and follow buy and accumulate view in banknifty 18000 put options with stop loss.   Bank nifty weekly chart already given breakdown signal for targets of 17350 and then next support as well as target will be 15400. Below 17350, bank nifty long term trend turn bearish.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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